Investment Rating - The report assigns a "Buy" rating for the company, Siquan New Materials (301489), indicating a positive outlook for its stock performance [2]. Core Views - The company has maintained stable profitability, achieving operating revenue of 216 million yuan in the first half of 2024, a year-on-year increase of 11.48%. However, the net profit attributable to shareholders decreased by 4.04% to 22.91 million yuan due to increased expenses from newly consolidated subsidiaries [3][4]. - The company is actively expanding its business through acquisitions and new ventures, focusing on AG glass, cooling fans, and liquid silicone to tap into new markets. It leverages its strong brand recognition, technical expertise, and quality customer resources [4][5]. - The company has established a solid customer base in the cooling industry, including major clients such as Xiaomi, Samsung, and BYD, and is expanding into sectors like automotive, communication, and renewable energy [4][5]. Financial Summary - The company is projected to achieve revenues of 570 million yuan, 770 million yuan, and 1.08 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 80 million yuan, 110 million yuan, and 170 million yuan for the same years [6][8]. - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 45x, 32x, and 21x, respectively, indicating a favorable valuation trend as earnings grow [6][8].
思泉新材：思源创新，泉泽天下